Ecuadorian Presidential Candidate Proposes a National Cryptocurrency but It Won’t Replace the Dollar – Economics Bitcoin News

An Ecuadorian presidential candidate hinted at creating a cryptocurrency in the country as part of its government agenda. Giovanny Andrade said that the national crypto aims to “facilitate” transactions across the country. Crypto Could Be Backed by Gold During an interview with Primicias, Andrade, representing the Union Ecuatoriana party, believes its cryptocurrency idea is a crucial part of his country’s proposals. However, he doesn’t want to ride off from Ecuador’s dollarized economy: We are looking at ways to create an Ecuadorian cryptocurrency. This does not mean that we are going…

Read More

Yearn proposes “buyback and build” strategy for YFI holders

The Yearn.finance community is introducing a proposal to reform the current token economics of YFI. Popularly called “buyback and build,” the proposal aims to bolster the project’s treasury while also generating value for all stakeholders. Its list of authors includes Yearn core developers Banteg, Tracheopteryx and Lehnberg, as well as Gabriel Shapiro, partner at BSV Law and occasional Yearn contributor. Currently, Yearn.finance uses a staking and dividends model. Holders must place their tokens in the yGov contract and receive a portion of the revenue generated by its yield strategies. This…

Read More

FinCEN is now interested in offshore crypto holdings, proposes new regulation

The United States Financial Crimes Enforcement Network, or FinCEN, issued a brief note on Dec. 31, announcing its intention to propose a change in the Bank Secrecy Act, regarding reporting of foreign financial accounts holding digital currency. Currently, digital assets are not covered by the Foreign Bank and Financial Accounts, or FBAR, regulations. However, the notice indicates that FinCEN wishes to amend these regulations. This would require U.S. citizens to report cryptocurrency accounts held with foreign institutions, if they are more than $10,000 in value. There is no indication of when…

Read More

Immutable Ethereum privacy protocol proposes governance system

Tornado.Cash, the Ethereum mixing service that earlier this year implemented completely immutable smart contracts, has proposed a governance system powered by its own TORN tokens. According to a Dec. 18 post, the proposal will put stewardship of the protocol in the hands of its community of users. An initial distribution of 10 million TORN will be split between early users and developers, a DAO treasury and anonymity miners over the course of the next five years. Anonymity miners increase the efficiency of the service, and act by providing liquidity in…

Read More

FinCEN Proposes KYC For Withdrawing Cryptocurrency To Private Wallets – Bitcoin Magazine

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has released a notice of proposed rulemaking that would require money services business to submit reports, keep records and verify the identity of customers as they relate to digital currencies “held in unhosted wallets … or held in wallets hosted in a jurisdiction identified by FinCEN.” FinCEN defined “unhosted wallets” as a “software program or written record” through which users store the private keys needed to access and exchange cryptocurrencies like bitcoin.  The proposed rule would, in effect, require…

Read More

Kazakhstan Proposes 15% Tax on Bitcoin Mining to Help Combat Coronavirus

Kazakhstan has proposed legislation that would see a 15% tax imposed on bitcoin mining firms. This is part of efforts to raise money to help with the fight against the coronavirus pandemic. Proposed by the country’s Ministry of Economy, the new tax plan requires bitcoin (BTC) miners to first file an application for registration with the authorities, according to a recent report by a local Russian publication. After this, the taxpayer must then indicate the 15% tax on their annual tax calculations. The report notes that “the clause on registration…

Read More

Chainlink Partnership Proposes its Own Take on Human Readable Ethereum Names

Chainlink (LINK), in partnership with a video game called War Riders, has introduced human readable Ethereum (ETH) names. These names will use a different approach than the Ethereum Name Service, or ENS. Removing friction for newcomers War Riders employs blockchain elements like non-fungible tokens which represent in-game items. It also has its own native cryptocurrency (BZN) that the gamers mine while playing. However, as with all such games, there is a certain amount of friction that gamers must overcome. For example, Ethereum wallets have long alpha-numeric addresses and hashes instead…

Read More

India Proposes Amnesty for Citizens Holding Unreported Gold

The Indian Ministry of Finance has reportedly proposed an amnesty program for citizens holding unreported gold. The government plans to ask people to declare all their gold stashes to tax authorities and pay levies. The proposition has been made to Prime Minister Narendra Modi. New Gold Amnesty Program Proposed India’s Ministry of Finance is considering “an amnesty program for residents with illicit stash of gold,” Bloomberg reported Thursday, noting that the proposal is part of “an effort to crack down on tax evasion” and reduce India’s “dependence on imports.” Citing…

Read More

Russia Proposes Law That Criminalizes Buying Bitcoin With Cash, Offenders Face 7 Years in Jail

Russian lawmakers have proposed new laws that seek to ban the use of bitcoin (BTC) and other cryptocurrencies in the country, local media reported. According to draft bills submitted by a group of deputies to the Russian parliament recently, individuals may face up to seven years in prison and fines of up to $7,000 for using BTC in financial transactions. People will also be penalized for buying crypto with cash or transferring to accounts opened with Russian banks. If signed into law, the bills will punish companies that issue or…

Read More

South Africa Proposes 30 Rules to Regulate Cryptocurrency

South Africa’s top financial regulators, including the South African Reserve Bank, have jointly released a policy paper with 30 recommendations for the regulation of cryptocurrency and related service providers. They aim to be in compliance with the cryptocurrency standards set by the Financial Action Task Force (FATF). Top Regulators Publish Crypto Regulatory Policy A number of top South African financial regulators published on Thursday a position paper to establish a regulatory framework for cryptocurrency. It contains 30 recommendations that are in compliance with the standards set by the Financial Action…

Read More